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But frauds and little scams. And there's something that a fraud constantly does: it constantly goes to zero. But Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the problem came out. The huge hack. And that woke something up for me.
Therefore I can't neglect that. I've got to go dig deeper." And so I began taking a trip all around the world. I began going to Bitcoin occasions; I began to speaking with people that were smarter than me in this space. And what I recognized is that Blockchain innovation and the implementation of Blockchain technology by the Bitcoin network was transformational.
And that, Ryan, is, I can't overstate how enormous that is! The implications of that, of being able to have information that we do not need to have it independently confirmed, it's cryptographically verified. That concept can ripple out throughout the entire higher economy. And when that penny dropped, I knew I needed to commit all my expert resources into ending up being a professional in this area.
And do you believe, I indicate you discussed something there about not needing to get a third-party, or intermediary to confirm something. Do you feel that part of the reason that this isn't getting as much mass adoption is that a great deal of folks might not even fully understand recognition procedure . We were simply speaking about how I'm delegating go to China, to China. And heaven prohibited it's over $10,000, and then all of an unexpected there's other individuals getting notified about it, like the Internal Revenue Service and things like that. Do you think that the typical folks don't possibly learn about these processes, so they don't possibly see what you're saying as this breakthrough, they don't see it in their everyday life? Or what do you believe about that? I think that holds true.
It's not as simple as firing up a web internet browser and going to e-trade. com and pushing a buy button and buying it, right? You have actually got to go to an exchange, you've got to publish your identity files, then you've got to wait to get verified, and after that lastly, you can go purchase some Bitcoin.
So, a lot of people discover that too bothersome, and that's why the individuals that are actually making the most amount of money right now in cryptocurrencies are the early adopters: individuals that want to put in possibly the 20 minutes required to go through a procedure which just takes five minutes if you want to set up a brokerage account.
"Oh Teeka, we like your concepts, however gosh, establishing a crypto account is so difficult." What I inform them is I state, "Look, when it's easy as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The whole cryptocurrency market will be 10x larger. So you're actually really earning money a huge amount of cash to go through perhaps, you know, 20 minutes of a pain in the neck.
So you can't purchase Bitcoin yet through their trading platform, however it is just a question of time, Ryan, before you'll be able to buy cryptocurrencies straight through your trading software application. And can you envision what will happen to this whole market when buying Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you mentioned the procedure that people go through, and something I desire to expose too that you didn't mention, however I understand a great deal of folks who have a hard time with this too, is oh, and by the way, you can just buy $1,000 a week. Or you can only purchase $500 a week.
As tough as possible, best, like Coinbase. It 'd take me forever prior to I might begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I suggest, it's if you keep in mind the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I mean it would take 20 minutes to pack a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I indicate, we're in the early days of that technology, however simply like throughout that period of time, for the folks that had the vision to see where the future was going, and then purchased in on a few of these young companies, they made an absolute fortune.
Mm-hmm (affirmative). And let's take an action back for a 2nd, since I'm always curious to talk with people who are, specifically somebody like yourself, who's dedicated the last, you know, the lion's share of the last few years to truly go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a great question.
They're two totally various things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is attempting to be an alternative to money. So Bitcoin would be a cryptocurrency. And so what offers it worth is that it is, there's just going to be a minimal amount. There'll never be more than 21 million Bitcoin.
There are billions of dollars worth of computer systems, validating the transactions on the Bitcoin network. And so if you take a look at that Bitcoin network, people continuously try to hack it. But because of the nature of the network, today it's been unhackable. And truly, with present innovation, the Bitcoin network is so big right now, you can't co-opt it, you can't take it over.
Therefore when individuals put, you've got individuals who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're stating, "We don't trust paper money, you can print an unrestricted amount of it. It's truly not secure, and the government can take it far from you." - Whereas with Bitcoin, best , proceed.
Yeah. Or individuals that remained in Cypress, or just individuals who have suffered through either run-away inflation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those countries that could potentially be a catalyst for more adoption, due to the fact that they currently don't think in their own currency? Yeah, and I believe we have actually currently seen that.
So yes, and this is a thing that a great deal of American or Western investors have a difficult time getting their head around. They're like, "Well I don't need Bitcoin, I have money." Well yeah, you're right, you've got a steady currency, right? You do not need Bitcoin - Yeah. Therefore there's this whole burgeoning worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And utility coins are essentially utilized, let's state Ethereum, which a great deal of individuals learn about Ethereum. Ethereum is essentially an international computer that you can compose computer programs for and run computer system programs on a worldwide decentralized computer system program.
So we think about something like Ether an utility token, due to the fact that you're essentially purchasing shows power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to offer people a concept, like an extremely basic one that I would imagine you 'd called an energy token, resembles FileCoin.
Where the concept is that basically you're hosting files through a peer-based network, and there's type of this very same type of network impact that you have with Bitcoin, where it resembles unstoppable kind of thing, due to the fact that it's on so many different locations and. And you sort of mentioned having this boots on the ground experience. Now, since we're taking a look at the bulk of these are probably utility based, correct? Mm-hmm (affirmative). The majority of the coins that I recommend and take a look at are utility-based. We have a few cryptocurrencies, but I think the real chance lies in the utility coin area.
There's all of these ICOs that were occurring, those slowed down a little bit with some modifications to a couple of things that was going on, however individuals are going to come out of the woodwork and begin to produce energy coins- Correct, yeah. And individuals require to comprehend that not all utility coins are produced equivalent.
So you have the benefit of devoting your occupation to this, so you can head out there and do the reconnaissance, you can meet the creators, you can examine the code, and so on. However for a typical individual, there's now what, over 1,000 different types of coins offered, practically 1,200 I think. 'Cause usually it'll crash 80% approximately - Does the group have experience of performing in an effective way in another area of their life? And it does not even have to be directly associated to cryptocurrency, it doesn't need to be even directly related to software, right? So, however I want to see a performance history of success in something, right? If it's 4 men in a room that are simply out of college, unless they've got some truly good advisors behind them, I'm probably not going to give them any cash.
Yeah. I think that in marketing in basic, my world of service, we continuously try to find problems and how we can resolve them. Now, are the problems things that individuals are attempting to resolve a part of the Blockchain generally? Or would you state it's better if they're resolving kind of a mass issue? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm basically looking for options that, so I'll give you an example.
And the factor that we purchased it is because they discovered a way to make documents tamper-proof, and it's 99% more affordable than current technology, right? So that's yeah, it's a no-brainer, right? Right. And after that on top of that, the man that began it has a performance history of producing computer system programs that whole states run their entire operations on, right? So you have actually got alright, the smart guy has actually constructed substantial computer programs, terrific team, fixing a huge issue that is going to cut huge expenses.
I indicate, it does not get any easier than that in regards to choosing who to put money behind. And a lot of this prevails sense, and a lot of folks will try to make things more complex than it is. And I have a really easy guideline, Ryan. If I do not comprehend something, I put up my hand, and I state, "I didn't understand what you simply stated." Mm-hmm (affirmative).